How To Get Forgiveness For The Student Loan(S: Fill & Download for Free

I had $153000 in student loans for a chiropractic degree. That’s $219,000 in today’s dollars. When I graduated from school (early 90’s) I had about $75000 at a 7.45% interest rate. At first I tried to get my practice started so the loans grew. I remember every time I would get a statement I couldn’t sleep for a few nights. Watching that balance grow was very uneasy. I ended up getting married (very inexpense wedding btw) and unexpectedly had a kid, so I was really in a mess. Eventually I got tired of the hustle of chiropractic and became a teacher. My income gradually grew and I started making payments based on 30 year payment plans. I kept my expenses low. I started working at a local community college as a second job and started using all that money to pay the loans and still made my regular monthly payment. As my income grew from both jobs I got to the point where I could triple the 10 year payments and yet still survive on what was left over. Overall, due to trying to get my practice going it took about 8 years before I could start paying the loans and then once I started paying took about 10 years or so to finally pay them off. I am now afraid of debt and my kids are not allowed to take out loans. I hate banks with a passion and when ever I have debt I feel like the bank owns me. Just remember, it can be done and it teaches you how to be frugal. I now put away the amount that I used to use to pay my student loans and I am in better financial shape than anyone I know except for two teacher friends of mine are married to each other and they are millionaires. So, my simple adviceGet a steady paying jobGet a second steady paying jobUse the income from the first job to make the minimum 30 year paymentUse 100% of the money from the second job to go toward student loansAs you get raises from the first job apply more and more toward the loans until it is equal to the 10 year payment amount100% of the raises from the second job still goes toward the student loanDo not get other debt….everOnce paid off, use the money you paid into student loans to invest (get a low fee index fund) or save up for a house.Remember, they are your loans, not your spouses, not your parents, and not the taxpayers. Do not get mad because others will not help you, at the same time, make sure they know that you are working so much to pay off student loan debt. Not to take vacations, buy fancy cars or expensive jewelry.One last sat thing I forgot, there are programs for teachers where if you are willing to work in low income schools the government will forgive up to $15,000 of student loans. It used to be called the APLE program.

Disclaimer: This is not meant to be taken seriously. Enjoy!Accounting: How to tell the difference between medium grey and charcoal.Animal Science: When biology was too hard.Alternate: Yes, you can learn just as much playing Pokemon Go.Anthropology: After you graduate, you can study American culture firsthand-flipping burgers.Alternate: You want to be Indiana Jones? Well, we don’t teach that…Art Education: A million ways to tell your elementary school students that their art sucks without angering their parents.Art History: Let’s face it, you’re only here for the nudes.Art:Before: Drew stick figures for free.After: Painted a barely visible black dot on a brick wall and called it a mural for $3,000.Asian Studies: You think you’re actually going to study in China as a school field trip? Not in our department.Athletic Training: If that professional athlete thing doesn’t work out, you can still be a P.E. teacher. Wait, are you telling me you didn’t double major in education?Biochemistry: When biology’s too easy and chemistry’s too hard.Biology: When chemistry was too hard.Alternate: Everybody expects you to become a doctor, but all you learn is that the mitochondrion is the powerhouse of the cell.Biomedical Engineering: So you want to be in medicine but hate dealing with patients? We have just the major for you!Business: You want to start a business after graduating? We don’t teach that…Business Analytics: When you realize the business degree can’t actually help you start a business or get a job, and you still want to graduate in four years.Chemistry: When physics was too hard.Chinese: 谢谢谷歌翻译。Civil Engineering: Just like building a bridge in Minecraft, right? Right?Classics: Sounds Greek to me.Communication Sciences: How to speak 101.Computer Science:Before: Hey Google, how do I stop viruses from installing onto my computer?After (expected): Hey, Mr. President, am I free to launch that cyber attack on North Korea?After (realistic): Hey Google, how do I make my boss think I’m working?Computer Science and Information Systems: All of the benefits of a double major without the extra work.Dance:Freshman Year: How to tell people you’re majoring in dance.Sophomore Year: Lesbian Dance Theory.Junior Year: How to choose your dance partner if you’re gender fluid.Senior Year: Actually dancing.Data Science: The job of the future! After you’re done with us, you will never want to hear the letter “R” again.Food Science: Looking to stop the Freshman Fifteen? Learn how your food is made, and never eat again!Economics: People will expect you to know how much the DOW will go up tomorrow, but all you’ll learn is that supply and demand is the most fundamental idea of economics.Electrical Engineering: Better not get electrocuted.Elementary Education: So, you learned that you like teaching little kids after a 1-to-1 tutoring position in your Freshman Year. Try teaching 20 in one room for 7 hours a day.Engineering Management: Welcome, your highness. We’ve been expecting you.English: Thank you Google Transl-oh wait, I already know this language.Entrepreneurship: Learn how most business tycoons of the past and present either never went to college or dropped out. But at least you’ll be different.Environmental Engineering: Engineering accreditation+Hippy mentality.Environmental Science: Tree-Hugging 101.Environmental Studies: How to be a hippy.European Studies: The easiest major ever-when your roommate is an international student.Exercise Science: Looking to stop the Freshman Fifteen? Don’t do this major, stick with food science.Film and Television Studies: Learn how to covertly watch the flatscreen TV from behind your fast food counter.Finance: Economics, but with more math!Food Systems: Never eat GM foods again!Forestry: All of your ancestors since the 1650′s have been loggers. The least you can do is major in this.French: Merci Google Traduction.Gender, Sexuality, and Women’s Studies: How to be triggered 24/7.Alternate: When sociology was too hard.Geography: How to read a map 101.Geology: You thought you’d be getting stoned here. You are, with 4 years of learning about rocks.German: Danke Google Translate.Global Studies: How to read a globe.Greek: Σας ευχαριστούμε το Google Translate.Health Sciences: Glorified pre-med.Health and Society: The smart way to study liberal arts.History: Learn about the achievements of a bunch of old white guys who died decades or centuries before you were born.Italian: Grazie, Google traduttore.Japanese: Google翻訳ありがとうございました。Latin: Tibi gratias ago Google Translate.Alternate: It may be a dead language, but at least it’s more alive than your career.Linguistics: In other words, how to understand your British girlfriend/boyfriend.Marketing: Art+Business=Marketable career.Mathematics:B.A.: Please tell me you’re majoring in education too.B.S.: At your family reunions, family members will ask you to calculate 420*69 in your head.Mechanical Engineering: How to build R2-D2.Medical Radiation Sciences: HULK SMASH!!!Microbiology: You will never go within 50 feet of a public bathroom again!Middle Level Education: The least employable of the three levels!Molecular Genetics: Deoxyribonucleic Acid (times 1000).Alternate: I’ve got loyalty, got royalty…Music:Before: I want to be the next Charlie Puth or Dua Lipa.After: Put that quarter in my hat!Music Education: No, you can’t hit the kids with drum sticks.Neuroscience: The brain studying itself studying itself.Nursing: Sometimes you’re right, but most of the time you’re wrong.Nutrition: Really, you should probably stick to food science.Parks, Recreation, and Tourism: You joined because you liked travelling. You left because you flunked out from too much “recreation.”Philosophy: I think, therefore I am $100k in debt without a job.Physical Education: So, you finally realized you can’t be a professional athlete?Physics: You’ll probably leave for engineering.Plant Biology: You want to grow your own weed.Political Science: You wanted to be a politician, but will probably end up as a lobbyist in a political climate where an orange can become President.Psychological Science: We added science to the end to attract the STEM students.Psychology: When animal science was too hard.Religion:Catholics: So, you want an excuse to remain a virgin?Everybody else: Doesn’t matter if you’re a priest, imam, or rabbi, loan forgiveness will be more powerful than anything God can give you.Russian: Спасибо, Google Translate.Secondary Education: High school is the second worst time of anybody’s life, behind middle school. Get ready to live through another 40 years of high school.Self-Designed: See Undeclared.Social Work: One of the lowest paid majors, but at least you’ll be helping the homeless while living it.Sociology: When psychology was too hard.Spanish: Gracias traductor de Google.Statistics: When you want to be exactly 95% confident (not more, not less) you will get a job after college.Theatre: To be or not to be employed (but most likely not).Undeclared: When gender studies was too hard.Zoology: They’ve got the Discovery Channel, don’t they?Alternate: Get a backbone!If I left anything out or made a mistake, please let me know and I will try to fix it.

Can You Settle Student Loan Debt?You can settle student loan debt, but you may pay a lump sum and deal with financial consequences.Often you can settle student loan debt, but you will have to reach the point of defaulting for that to happen.WHEN YOU TOOK OUT A student loan to pay for school, you probably didn't expect it to go into default. But more than 1 million federal student loan borrowers default each year, according to the Urban Institute, a think tank focused on economic and social policy research.Student Loan Forgiveness GuideIf you're in over your head, you can settle student loan debt for less than what you owe, provided the lender agrees to do so. But first, consider the ramifications to your credit, taxes and other areas of your life. Here's what you need to know about student loan debt settlement.What Is Student Loan Debt Settlement?A debt settlement is an agreement a lender can make with a borrower to accept less than what was originally owed as full payment. It's different from loan forgiveness and discharge, which cancel the balance under special circumstances.Student loans can generally be settled, but a loan typically has to be in default. A lender isn't likely to accept less than what you owe if it has reason to believe you'll continue making payments."If you're making payments on your loan, and everything is in good standing, you're not going to be able to just call your loan servicer up and say, 'Hey, will you take 50 percent?'" says Adam S. Minsky, an attorney specializing in student loan debt.Your loan is considered delinquent as soon as a payment is late, but it may not be considered in default just yet. Default on most federal loans is when the borrower has missed payments for 270 days, or about nine months. But a Perkins loan could be considered in default after the first missed payment.Private student loans are granted by banks and other institutions outside of the federal loan system. With these loans, default depends on the lender, but it is usually when payments are around three months overdue.[Read: Best Student Loan Consolidation Lenders.]How Student Loan Debt Settlement WorksYour options are different for federal and private student loans, but debt settlement follows a similar three-step process for both:Step 1. Approach the lender about debt settlement.Step 2. Negotiate the debt settlement.Step 3. Pay the agreed-upon amount.Approach the lender about debt settlement. Uncle Sam owns your federal student loan and, consequently, has some powerful tools to demand repayment. When your federal loan is in default and you haven't made repayment arrangements, the servicer may send the loan to a collection agency. The loan holder may withhold your tax refund and Social Security benefits, garnish up to 15 percent of your disposable pay, and take your driver's license – without going through court first.Moving your loan to a collection agency usually incurs fees, which are added to the amount you owe. Contact your loan servicer to ask about your options. You can find out who services your loan by logging in to My Federal Student Aid.Collection agencies have the authority to approve three standard settlement options. For any other arrangements, the agency needs approval from the U.S. Department of Education. Collection agencies can approve:Payment of the entire principal balance, plus accrued unpaid interest, with waived collection charges.Payment of the total principal, plus half your interest balance. The other 50 percent of the interest will be forgiven.Payment of 90 percent of the total balance, including principal and interest.When a private student loan is unpaid, the servicer will contact you and your co-signer, if you have one, to try to get payment through a series of phone calls and letters. The lender can also take legal action against you, although it has a limited number of years to sue you to collect, called the statute of limitations. If the lender successfully sues and gets a court order to pursue collections, it can garnish your wages or get a lien on your home.If your private student loans are in collections, you have a few main options. You can pay the entire bill, negotiate a payment plan or try to settle the debt."You typically get a much better deal with private student loan settlements than you do with federal student loan settlements," says Stanley Tate, a student loan lawyer. For example, Tate says he settled a client's $68,000 federal student loan debt for $55,000 and a $61,000 private student loan balance for $26,000. In Tate's experience, borrowers may be able to negotiate a payment that's 30 to 60 percent of the original balance, either as a lump sum or an installment plan.But finding enough money to pay off the amount owed may be difficult for borrowers already in financial distress. Be sure you can access the money before you start negotiating.Negotiate the debt settlement. A collection agency is hired to get the largest payment it can from delinquent borrowers, so negotiation is essential in the debt settlement process. Borrowers can hire an attorney, enter a plan with a debt settlement company or negotiate a settlement independently.[Read: Best Private Student Loans.]Consider the cost of hiring an attorney or a debt settlement company when deciding if debt settlement is the right choice for you. Debt settlement companies and attorneys typically charge a fee that is a percentage of the debt balance or how much they saved you. By law, debt settlement companies can't charge you until the debt is settled, and they must disclose all terms in writing upfront.Going the DIY route is possible too, but Tate says borrowers should be careful with information they divulge to the loan holder. For example, instead of sharing your savings account balance and that you have a 401(k), simply tell the lender what you can afford. "You don't want to give them information unnecessarily," Tate says.Although the cost of hiring someone could add to the final amount you pay, you may decide that letting an experienced professional lead you through the process and negotiate on your behalf is worth it.Pay the agreed-upon amount. Get the settlement deal in writing, along with a receipt when you pay. And keep copies of both in case you need to prove the loan is paid in full."Once the settlement is agreed to, I always require that the lender or debt collector provide the offer in writing with the specific terms, amounts and deadline for the payment, and confirmation that the balance will be considered paid in full," Minsky says.The federal government will expect you to make good on the lump-sum payment within 90 days of the settlement agreement date. A private loan settlement may come with different payment terms, but Tate says borrowers can negotiate either a lump sum or an installment payment.student Loan Debt SettlementSettling student loan debt can help relieve your financial stress, but you may need to deal with consequences such as damage to your credit rating and tax implications. Here's what you need to know about the aftermath of a settlement.Your credit score will take a hit. Whether private or federal, a student loan may negatively affect your credit while it is delinquent and once it is settled.Delinquent federal student loans are reported to the credit bureaus after 90 days of missed payments, and private student loans may be reported to the bureaus as soon as they're late. According to Urban Institute research, borrowers who are late on payments see their scores drop by an average of 50 to 90 points before they finally reach loan default. Furthermore, if you have a co-signer, his or her credit will also take a hit. A damaged credit history may affect your ability to get a mortgage, pass an employment credit check or obtain approval for an apartment lease.Once you settle the student loan debt, the account will be reported as settled or noted as paid for less than the full balance. The settled status will stay on your credit history for up to seven years from the date the account became delinquent.You'll owe taxes. Any debt that was canceled in the settlement is generally considered taxable income, according to the IRS. If your loan balance was reduced from $60,000 to $40,000, then you'll owe taxes on the $20,000 that was canceled.Talk with a tax adviser, get free tax help from the IRS or visit a taxpayer clinic. You may qualify for an insolvency exemption that allows you to exclude the canceled debt from your gross income, Tate says. But if you don’t qualify, then get an estimate of how much you'll owe. Factor taxes into how much your settlement will cost, and make sure you can pay the bill."You don’t want to exchange one debt for a debt with the IRS that you can’t pay," Minsky says. "It doesn't leave you in a good position."Alternatives to Student Loan SettlementDebt settlement isn't your only option when your payments get off track. Among borrowers who default on student loans, 70 percent can get out of default within five years, according to the Urban Institute. More than 30 percent fully pay off their defaulted loans in that time frame.[Read: Best Student Loans Without a Co-Signer.]If your loan is in default, you'll need to restore it first. There's no central program for private student loans, so rehabilitation options will depend on your lender. For federal student loans, the Department of Education offers clear paths for how borrowers can exit default. Borrowers can pay off their debt in installments or a lump sum, set up a loan rehabilitation agreement and make nine consecutive monthly payments, or combine all their loans with a new direct consolidation loan.Consider some of these alternatives to student loan debt settlement:Income-driven repayment plans. Federal student loan borrowers can enter repayment plans that set their monthly payment as a percentage of income. That's as long as the loan is not in default. If your income is low enough, your monthly payment can be zero dollars.Deferment or forbearance. These options are available for federal student loans and may be offered through your private student lender. They allow borrowers to temporarily reduce or stop loan payments. Depending on the loan, you may not have to pay interest accrued when a loan is in deferment. But typically, you'll have to pay accrued interest when a loan is in forbearance.Student loan forgiveness. Federal student loan borrowers may be eligible for student loan forgiveness programs. Programs may be available based on your profession, state or employer.Private lender hardship options. Talk with your private student lender about hardship programs. A nonprofit organization such as the National Foundation for Credit Counseling may be able to help you figure out what you can pay and offer tips for communicating with your lender. Borrowers should bring a clear summary of their finances and ideas for how they can get their payments back on track.Refinancing. Generally, refinancing federal student loans into new private student loans is not a good idea, but you might be able to make payments on private student loans more affordable with refinancing. If you can qualify for an offer with a lower interest rate than your current loans, refinancing can help you reduce your monthly payments.Although debt settlement is possible for private and federal student loans, your credit may be damaged in the process, and you may owe taxes on the forgiven debt. Other options, such as establishing a loan rehabilitation agreement, entering an income-based payment plan and discussing hardship programs with your private lender, may help you avoid default or debt settlement.Seek help professional help: I used the services of a professional to get my credit repaired and he cleared all my debts and improved my credit score so i would suggest you use his services, He has been helping a lot of people lately , Just search for George Gibbs here on Quora and he would be happy to assist you.